Embodiments of the invention relate to systems and method for improving the data security associated with financial transactions.
Financial institutions and other organizations are continuing to address problems relating to fraud in financial transactions. Examples of such transactions include merchant payment transactions, cash withdrawal and/or cash advances transactions, and person-to-person money transfer transactions. Fraudulent activities involving unauthorized access to financial accounts in most cases result in financial losses and unproductive use of resources (human and computing resources) for consumers, merchants and the financial institutions. Conventional data security methods can utlitize a number of steps and can utilize complex systems, however, fraudsters and hackers are still able to break the system and perform unwanted actions, if they get unauthorized access to a financial account number or a payment card.
Embodiments of the invention provide for improve methods for improving data security and reduce fraudulent transactions. Embodiments of the invention address these and other problems.